Fortune 500 Financial Services organization Streamlines Operations with Modern PAS

Challenges

This Fortune 500 organization faced limitations with its outdated PAS systems:

• Legacy Technology: Seven disparate PAS systems, some with multiple versions, hindered efficiency and compliance.
• Slow Time to Market: Launching new products was delayed due to complex legacy systems.
• High Maintenance Costs: Maintaining multiple legacy systems was expensive.
• Data Accuracy Concerns: Migrating policies across various systems posed data integrity risks.

Solution

Coforge's approach to modernizing the client's PAS system revolved around two key elements:

1. Proprietary Conversion Framework:

• This time-tested framework, built on experience from past conversions, offered:
  • 90% Estimation Accuracy: Leveraged data from past projects to provide accurate estimates for time and resources.
  • Flexibility for Complexity: Applicable to various conversion scenarios with different levels of complexity.
  • Multi-Line of Business (LOB) and Platform Support: Designed to handle data migration across diverse product lines and platforms.
• The framework itself comprised a structured, four-stage data conversion process:
  • Data Profiling: Analyzing source data to understand its structure, quality, and key fields.
  • Conversion Readiness Assessment: Determining the optimal conversion approach (full vs. partial), data transformation needs, and conversion timing (point-in-time or inception-to-date).
  • Conversion Strategy Development: Defining a step-by-step plan for data migration, including issuing contracts, processing historical data, and applying transactions in the target system.
  • Execution and Validation: Seamless data migration with comprehensive testing (dry runs, balance reports) to ensure accuracy. Post-conversion support and data archiving procedures were also established.

2. Custom-Developed Tools and Accelerators: Coforge complemented their framework with a suite of in-house tools:

• Conversion Clone Tool: Facilitated efficient test environment creation for data migration trials.
• Automated Retrofitting and Testing Tools: Streamlined data transformation and ensured data integrity throughout the process.
• Test Bed Creator and Data Quality Analysis Tools: Enabled rapid test environment set-up and data quality assessment.
• Management Information System (MIS) Reports: Provided real-time insights into the conversion process, allowing for early identification and resolution of any issues.

By leveraging this combined approach of a robust framework and custom tools, Coforge ensured a systematic, efficient, and accurate migration from the legacy PAS systems to the modern platform. This minimized risks, streamlined the conversion process, and saved the client valuable time and resources.

The Impact

• Improved operational efficiency Through a consolidation of seven legacy systems into a single, modern PAS platform.
• Substantial cost savings Through the elimination of maintenance expenses for outdated legacy systems
• Faster Time to Market By streamlining the PAS environment
• Improved Data Accuracy and Integrity Ensured by Coforge's framework and tools